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Indian Energy Service firm Smart Joules and EV maker Euler Motors raise funding from ADB Ventures

The Asian Development Bank’s (ADB) new venture arm, ADB Ventures will spur high-impact cleantech, agritech, fintech, and healthtech innovations in developing Asia with its ecosystem building with its first two investments India in Energy Service firm Smart Joules and EV maker Euler Motors.

March 18, 2021. By News Bureau

Euler Motors, an automotive indian start-up focused on electric commercial vehicles & Smart Joules Pvt. Ltd., based in India, provides energy efficiency-as-a-service for large hospitals and commercial buildings are the receiver of first investment fund by the ADB Ventures, The Asian Development Bank’s (ADB) new venture arm, ADB Ventures,invests in early-stage technology companies globally that address urgent development challenges in emerging Asia and the Pacific.

Euler Motors, an automotive start-up focused on electric commercial vehicles (EVs) has closed its Series A funding round at $9.4 millioneries A funding with participation by ADB Ventures, Blume, Inventus, and other investors.These funds will be used for Euler Motors’ upcoming launch of three-wheeler cargo vehicle this year, and support market expansion in India to cities like Bangalore, Kolkata, Ahmedabad & Pune, in addition to Delhi NCR.

Euler Motors has established a network of 100+ charging infrastructure in Delhi NCR that can charge 200+ electric vehicles at any given point and boasts over 250 vehicles deployed to fulfill last-mile intra-city delivery requirements

Smart Joules Pvt. Ltd., based in India, provides energy efficiency-as-a-service for large hospitals and commercial buildings, delivering savings of up to 40% on energy costs and reducing greenhouse gas emissions. Smart Joules has raised $4.1 million in its Series A financing led by Sangam and ADB Ventures. Max I. Limited and other angel investors also participated in this round. They will deploy the invested funds to strengthen its energy management team, enhance its digital technology platform, expand its presence across hospitals and scale its cooling-as-a-service offering for commercial buildings and industries with heavy a

“ADB Ventures will spur high-impact cleantech, agritech, fintech, and healthtech innovations in developing Asia with its ecosystem building. Our vision is to crowd-in $1 billion of commercial investment towards the Sustainable Development Goals by 2030,” said ADB Vice-President Ashok Lavasa.

The ADB Ventures Equity Fund received $60 million in funding commitments in 2020 from Finland’s Ministry for Foreign Affairs, the Government of the Republic of Korea, Climate Investment Funds’ Clean Technology Fund, and the Nordic Development Fund. The Fund focuses on climate and gender impact in South and Southeast Asia.

“The ADB Ventures Equity Fund is the perfect vehicle for Finland to turn our development priorities into action. The Fund will catalyze private sector finance to address climate challenges, while integrating gender aspects. Finland stands together with ADB to meet the region’s development challenges,” said Finland’s Under-Secretary of State for Development Policy Elina Kalkku.

“Korea’s venture ecosystem has been accelerating the transition toward an innovative digital and green economy. We look forward to working closely with ADB Ventures to promote leading clean technologies in the Asia-Pacific region and achieve mutual prosperity in the post-COVID-19 era,” said Deputy Minister for International Affairs of the Republic of Korea’s Ministry of Economy and Finance Taesik Yoon.

“We see ADB Ventures among those unique vehicles capable of mobilizing public risk capital and private sector capital, while taking advantage of ADB’s extensive operations and networks for climate innovation,” said Climate Investment Funds Head Mafalda Duarte.

“ADB Ventures represents a timely complement to traditional development approaches through the involvement of the private sector in addressing critical climate change challenges. We are pleased to be working with the ADB on this important initiative that has particular relevance in the post-COVID recovery,” said Nordic Development Fund Managing Director Karin Isaksson.

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